10 data-driven insights about European tech in 2017

Written on January 8, 2018 by Yoram Wijngaarde

Insight #1: A record €19.4 billion in venture capital was invested into European companies in 2017

Investors continued betting on European tech at a record pace. Preliminary Dealroom data shows that €19.4 billion in Venture Capital was invested into European companies in 2017, a staggering 36% increase from €14.3 billion in 2016.

Including Israel the combined figure was €22.3 billion in 2017, a 31% increase from €17.0 billion in 2016. As a result, European tech companies have more capital at their disposal than ever before, available to grow their workforce, invest in technology, in marketing and make acquisitions.

The number of rounds declined, from 3,900 in 2016 to 3,377 in 2017, a decline of 13%. A caveat is needed here however, because many 2017 rounds will appear with a 12-24 month delay (especially smaller rounds, which often appear only once a follow-on round has been announced).

Pro tip: click below and customise the chart by adding/removing keywords (e.g. Germany as location or Series A rounds). Talk to us on Intercom (bottom-right) for help.

Insight #2: Bigger and more mega-rounds than ever; but even excluding those mega-rounds 2017 was still a record by far

There were 19 rounds above €100 million in 2017, compared with 10 in 2016 (90% increase). The rise of mega-rounds was driven by corporate investment activity, involvement of big global funds like SoftBank, and an overarching trend towards big tech (i.e. market consolidation).

Importantly to note however, that even excluding the top 3 or even top 10 rounds in each year, 2017 was a record by far, as the below interactive chart shows:

Insight #3: UK tech companies defied Brexit and doubled the amount of capital raised in 2017 to €7.5 billion; that’s 38% of all venture capital invested in Europe

UK companies received €7.5 billion in venture capital in 2017, a 103% increase from €3.7 billion in 2016. That’s 38% of Europe’s total! The number of VC rounds declined by 7%, from 811 in 2016 to 757 in 2017. However, this 7% decline will likely turn into an increase, once all smaller rounds have been announced.

What about Brexit’s impact? As Dealroom stated a year ago (when VC activity in the UK did decline), Brexit unlikely impacted those numbers. We’re opposed to the idea of Brexit, but high-growth tech companies are among the least vulnerable constituents, at least in the short term. Manufacturing, hospitals, and finance employment are more vulnerable. The long-term ramifications on tech have yet to play out (macro impact on consumer demand, ability to attract foreign talent). Luckily for the UK, big tech like Facebook, Amazon and Google all placed firm votes of confidence on the UK in 2017.

That said, there are two worrying signs in the UK: the decline of seed investment and of fundraising by VC firms. More on both further below.

Insight #4: By number of rounds, France and the UK are going head-to-head

Companies in the UK raised almost 3x more capital than Germany (2nd) and France (3rd). The below heatmap provides a real-time view of venture capital investment by country. Click on change view to switch to number of rounds and/or show quarterly data.

By number of rounds the trend is not skewed by mega rounds; France and the UK are going head-to-head, as the below heatmap shows. Moreover, if crowdfunding rounds are excluded, the 2017 number of VC rounds in France (679 rounds) is higher than the UK (629 rounds).

You can also switch view to cities, industries, business models and topics. Europe’s leading tech hubs of 2017 are: London, Paris, Stockholm, Berlin, Barcelona and Amsterdam.

Insight #5: Investment from Asia tripled in 2017; investment activity from the USA doubled (after a dip in 2016)

After a dip in 2016, investment into Europe from the USA is back at record levels. In 2017 there were 444 rounds with USA investors. The total amount doubled from €4.1 billion to €8.1 billion (total value of rounds with at least one USA investor).

And it’s not just the UK, increasingly USA investors place large bets in continental Europe. Examples include: Roivant, ADC Therapeutics, Letgo, Soundcloud, Tricentis, Snow, Cabify and others.

Investment coming from Asia is rapidly catching up however, with 138 rounds in 2017, up 68% from 82 in 2016. The amount of capital invested tripled from €1.3 billion to €4.1 billion.

The number of rounds without any participation from European investors declined in 2017. That’s a positive sign, but European investors did completely miss some landmark deals like Roivant and Improbable.

Insight # 6: Corporate investing grew to €6.2 billion, equal to 32% of European VC

Corporate investing has been on the rise for a while and this trend continued into 2017. Corporate investors include Naspers (Delivery Hero, Kreditech, Letgo, SimilarWeb), (Farfetch), SAP’s Sapphire Ventures (TransferWise), and many financial institutions (BBVA, Barclays, BNP Paribas).

Insight # 7: The so-called implosion of early stage investing is greatly exaggerated, at least in Europe; exception is UK

Reports emerged elsewhere about a worldwide decline or even implosion of seed stage investing. The following chart shows rounds €100K to €1 million (which you can adjust according to your own preference using “advanced” search) indicating no such trend in Europe . Even the modest decline shown in 2017 will likely disappear because, as mentioned above, many seed rounds are announced with a 18-24 months delay (after the first follow-on round).

A notable exception is the UK where early stage investing peaked in 2014:

Is the notion of an early stage crunch completely baseless then? There is sense of more healthy restraint in early-stage investing. As ecosystems mature, experience causes reality to set in.

Insight #8: VC industry in continental Europe is catching up to the UK

Halfway 2017 Dealroom reported that French VC firms overtook VC firms in the UK by amount of new funds raised, for the first time ever. For the full year 2017, UK and France are going head to head, as shown in the below new funds heatmap. Of course, this is based on only one year of data. Additionally, the UK remains the go-to destination for USA investors with a European branch.

For founders across Europe, funding options have vastly improved. Dealroom analysis has shown that for early stage funding (below €10 million) domestic funding is on the rise, while for larger rounds cross-border funding is on the rise (above €10 million). This seems like a very healthy development.

Insight #9: Investors doubled down on Healthtech and Fintech, which attracted the most venture capital in Europe in 2017, as in 2016

Fintech companies in Europe raised €3.9 billion, more than doubling from €1.8 billion in 2016. The number of fintech rounds was stable at around 519. Healthtech raised €3.7 billion, up 68% from €2.2 billion in 2016. The number of healthtech rounds was down from 606 to 467. The following heatmap shows the exact breakdown within Europe. Use the buttons highlighted in red to switch views.

Deep tech (which includes artificial intelligence, robotics, semiconductors) continues to be an important theme for European tech. Albeit a subjective term hard to define precisely, it is useful to track deep tech investment activity. Also see Dealroom’s October 2016 report on the Artificial Intelligence & Deep Tech in Europe. Blockchain and bitcoin investment is still relatively small, but growing rapidly. The below heatmap shows funding trends by investment topic:

Insight #10: VC-backed exits disappointed by amount of capital returned, but the number of exits grew significantly 

VC-backed exits in 2017 returned about €10 billion in capital; a disappointing figure by any measure. By comparison, in 2016 €34 billion of capital was returned, a healthier number when compared against the €10-15 billion capital typically invested each year.

Should we be alarmed? The full picture is more nuanced. Returned capital tends to be extremely concentrated around a few large exits, and hence it is volatile. The number of VC-backed exits grew from 260 in 2016 to 282 in 2017. Moreover, Europe’s near-term exit pipeline is looking very promising (Spotify, Adyen, Transferwise, Deliveroo, Klarna, and many others).

Beyond that, venture capital have become firmly focused on potential mega-outcomes areas such as consumer banking, healthcare, and mobility. VC-backed exits deserve a more thorough review, which we will provide soon.

Notes on methodology:

  • Venture capital funding excludes debt, lending capital, grants and ICOs (as can be seen from the query). It also excludes secondary rounds, buyouts, M&A and IPOs
  • Europe excludes Israel, unless specified otherwise
  • Atomico’s widely read 2017 State of European Tech report uses Dealroom data for capital flows analysis, but makes some adjustments, mainly by excluding biotech and converting to USD (€17.3 billion x 1.10 = $19 billion)
  • Regarding heatmaps: some companies are active in more than one industry, so the total adds up to more than total funding
  • Dealroom data is collected by consolidating manual research, web-scraped data, natural language processing of public news-flow, and verified user-generated data. Dealroom data is trusted by the world’s leading publications and used by world-class companies including Silicon Valley firms, VC and buyout firms, multinationals and governments

Dealroom: the industry source of record for European tech

Written on January 3, 2018 by Yoram Wijngaarde

More and more publications are recognising Dealroom as the industry standard for data, insights and identifying new trends in European tech: The Financial Times, The Economist, The New York Times, Les Echos, Reuters and many others have featured Dealroom data in 2017. Below is an overview of selected articles:


The New York Times on French tech and the launch of Station F

The Economist on the stunning rise of French Tech

Bloomberg on Station F: Francois Hollande Now Works Part-Time in a Mega Campus for Startups

Politico on UK VC funds being overtaken by European venture capital funds, post Brexit

Business Insider on Europe’s most prominent European VC investors

The Financial Times on the need for European scale up capital

The Financial Times on VC funding in France

The Financial Times on VC funding post Brexit

The Financial Times on European Unicorns

TechCrunch on Atomico’s State of European Tech 2016

Reuters on Eastern European tech

VentureBeat on now being the best time ever to be an entrepreneur in Europe


United Kingdom

The Independent on Eastern European Tech

Wired UK on the UK’s top investments

Wired UK on Europe leading the way in AI

Wired UK on Investments in London despite Brexit

Wired UK on State of European Tech report

Evening Standard on France overtaking UK in fundraising by Venture Capital funds



Les Echos on Europe as the gravitational center of Deep Tech

Les Echos on why French tech is opening its borders

Les Echos on France overtaking UK in fundraising by Venture Capital funds

La Tribune on France overtaking UK in fundraising by Venture Capital funds


Wired DE on Tech in Europe

Berlin Valley on the startup news of the week



Il Sole 24 Ore with multiple posts featuring Dealroom

Il Corriere De La Sera on startups in Italy

Il Corriere De La Sera on challenges of Italian Venture Capital



La Vanguardia on Europen Startups fund raising

La Vanguardia on Madrid versus Barcelona as startup capitals


Logos of news websites we have been featured in

Request data here

Career Opportunities at Dealroom

Written on December 13, 2017 by Yoram Wijngaarde

About Dealroom

Dealroom is Europe’s leading database for startups, technology and venture capital. We track technology companies worldwide, using a combination of user-generated data, machine learning, and manual curation. Our mission is to enable better and faster investment decisions by providing actionable insights and decision-support tools. Our clients are venture capital & private equity funds, investment banks, consultants and corporate executives.

Career opportunities

Dealroom is growing fast. We have a number of career opportunities across multiple disciplines, based in Amsterdam:

  1. Developer (Frontend and/or Backend)
    We are looking for frontend (JS React) and/or backend (PHP) developers to join the existing development team. You and the rest of the product team will be jointly responsible for delivering a top-quality SaaS product and UX to our clients (investment professionals, corporate executives and founders).
  2. Sales & Marketing Roles
    We are looking for highly driven individuals in both Sales and Marketing. As Business Development Manager, your task is to identify potential clients, engage with them to understand their needs and help them bring their data to the next level. As Marketing Manager, your role is to engage with existing and potential new end-users through on/offline channels. You will also be responsible for establishing partnerships with local ecosystems.
  3. Junior Research Analyst
    As a research analyst, you are responsible providing for turning data into insights, and help our clients understand how technology is shaping their future. We are not looking for experts per se, but rather for analytical and curious minds.
  4. Research Intern
    Throughout the year we offer internship positions for students from all educational backgrounds. You will work directly with Dealroom’s CEO and the rest of the team. Learn everything about the world of technology, startups, and venture capital.

Major upgrade to heatmaps

Written on December 10, 2017 by Yoram Wijngaarde

Over the past weeks we’ve implemented a major upgrade to the popular heatmaps. Here’s a quick overview of what’s new:

Feature #1: you can now change view to yearly vs. quarterly and by amount vs. by number of rounds. Also, you can now export data

Feature #2: you can now view heatmaps within selected markets. For example, here are top industries in the UK:

Feature #3: you can now view new VC funds by country. As you can see below, UK and France are going head-to-head by amount of new funds raised by VCs:

We hope you enjoy! For any questions please contact us via Intercom in the bottom right of your screen.

Amsterdam tech: over 60K jobs, with 10K net jobs added in last two years alone, new Dealroom report shows

Written on November 26, 2017 by Yoram Wijngaarde

Amsterdam has rapidly become a top-tier tech hub in Europe. The city is home to Dutch companies such as Adyen,, and MessageBird. Several major global tech companies have made Amsterdam their European hub, such as Uber, Netflix and Tesla. But how many people work in Amsterdam’s tech community? What is the overall impact on the Amsterdam job market? A new report, prepared by and commissioned by StartupAmsterdam answers these questions.

The report is free to download here

Key findings

  • About 60K people work at 1,052 tech companies in Amsterdam, thus representing 11% of the total 527K job market in Amsterdam (1)
  • 756 companies were identified as startups (2-50 people), 263 as scale-ups (51-500 people), and 33 as grownups (500+ people)
  • Local tech giants,, TomTom and Adyen, together employ nearly 6K people in Amsterdam. The 30 largest home-grown companies represent 16K jobs (= 48% of home-grown jobs and 26% of total jobs)
  • 859 companies are home-grown (founded in Amsterdam), representing 55% of all 60K jobs. 184 companies are major foreign tech companies with significant presence in Amsterdam such as Uber, Netflix, Microsoft (representing 45% of 60K jobs)
  • The main growth drivers are home-grown startups & scale-ups, growing jobs by 13% per year between 2015 and 2017, and foreign tech companies growing jobs by another 9% per year (2)
  • Over 10K jobs were added in two years, making tech a major driver of job growth in Amsterdam, matched only by the hospitality sector (restaurants, bars, hotels), and growing well ahead of finance and other major sectors
  • Venture capital activity, which has tripled in the last 4 years, is acting as an important catalyst to job growth. In 2016 Dutch VCs raised records amounts of capital. This means plenty of dry-powder still to be invested in 2018 and 2019

Scope & methodology

  • This report is prepared by Dealroom and commissioned by StartupAmsterdam, who also provided hands-on support with data and data-cleaning
  • A bottom-up approach (company-by-company) was applied by using Dealroom’s own database as foundation, with additional desktop research
  • StartupAmsterdam provided valuable input and made supporting data available
  • This report focuses exclusively on tech-centric companies in Amsterdam, Schiphol Airport and Amsterdam Zuid-Oost, between 2015 to 2017
  • Included are startups (2-50 people), scale-ups (51-500 people), grownups (500+ people) and foreign tech companies with significant presence in Amsterdam
  • Excluded are companies with one employee. Not counted are tech jobs at multinational companies (Shell, Philips, ING…)
  • Most of the data used in this report is available for free via the Amsterdam Startupmap, a crowd-sourced & free resource, powered by Dealroom
  • Dealroom anticipates doing recurring updates of this study to monitor the evolution of Amsterdam’s tech ecosystem

About Dealroom

Founded in 2013 in Amsterdam, Dealroom helps corporations, investment firms and governments to track innovative companies and identify strategic opportunities, through data-driven software which is accessible via World-class corporates, venture capital & private equity firms, consultants and banks use Dealroom’s software, database and bespoke research to identify & track growth opportunities and stay at the forefront of innovation.


  1. Source: City of Amsterdam’s ARRA database.
  2. Bron: Estimate by Dealroom based on years 2011-2017.

Useful links:

Amsterdam Startupmap:

Deep tech & artificial intelligence in Europe: full report

Written on October 29, 2017 by Yoram Wijngaarde

As promised, a fresh report on European deep tech & artificial intelligence. Investment trends, notable companies, exits, and so much more. You don’t want to miss this one. Get the 25-page deck directly in your inbox below:

Deep tech & artificial intelligence in Europe

Download the 25-page slide deck now

What are Deep Tech and Artificial Intelligence?

Written on October 23, 2017 by Yoram Wijngaarde

UPDATE 29 Oct 2017: the full report is now available for free download here.

This week Dealroom will release a free report on European deep tech & artificial intelligence. Ahead of that report, this is a preview.

What is Deep Tech?

Deep tech is (admittedly) a subjective term, but useful and frequently requested, in order to group companies that use cutting-edge technologies to solve complex problems. Examples include: artificial intelligence, robotics, autonomous driving & delivery, space-flight, aviation, computer vision, speech recognition, AR/VR.

What is Artificial Intelligence (AI)?

The above shows that AI is the most frequently occuring description within Deep Tech (it is also the broadest definition). The below schematic from Neota Logic shows the fields of specialisation within AI. For example, machine learning is a more narrowly defined specialisation within AI (where algorithms learn themselves, without needing to be literally 100% pre-programmed). These fields are not mutually exclusive. For example, natural language processing, vision, and speech recognition all make frequent use of machine learning.

What is an Artificial Intelligence company?

Artificial intelligence is increasingly applied across more “traditional” domains such as travel (Skyscanner), music (Spotify) and of course advertising. The term “artificial intelligence company” will therefore likely be obsolete soon, similar to the term “mobile company” (nearly every modern company is mobile-ready, albeit to varying degrees). An important distinction with mobile however, is that AI requires massive capital investments which only few can afford: computing power, data-aggregation, and skills. Either these costs will diminish quickly or true AI-capability is going to be highly concentrated around a few category killers (Facebook, Amazon, Google, Spotify) and potential future government-funded initiatives.

Europe’s top funded Deep Tech companies

The below data table shows several high-profile deep tech companies, ranked by amount of VC funding. The top three funded Deep Tech companies in Europe and Israel are Roviant, Improbable and Mobileye (click to open data-table):

Top investors

Europe and Israel have already generated several high profile Deep Tech exits, as the below data table shows:


Europe and Israel have already generated many exits:

For more information on Deep Tech in Europe, stay tuned for the full report later this week.


Enabling notifications to track companies and entire markets

Written on October 16, 2017 by Yoram Wijngaarde

Want to track companies, investors and entire markets and receive notifications on them? Here’s how:

  • To track an individual company, visit any profile and then save it (click the heart symbol, then add it to a List)
  • To track an entire market, create a search, then save your search (your search must have less than 5,000 results)
  • You can then to view your notifications to see on mentions, found matches, rounds and exits. You can filter your notifications as shown in the image below.

To help you get started, please feel free chat with us on Intercom (bottom right of your screen). 

HelloFresh, Deliveroo and the path to profitability in Food Tech

Written on October 8, 2017 by Yoram Wijngaarde

HelloFresh, the Berlin-based global meal kit service that’s 53% owned by Rocket Internet, is planning an IPO in October.

HelloFresh is said to be seeking a valuation of €2 billion, roughly 2x its run-rate revenues of €1 billion. Our online valuation multiples show that is double the 1x revenue multiple of Blue Apron, a U.S based close peer, which has been badly struggling after IPO-ing earlier in 2017.

HelloFresh has shown impressive growth in recent quarters of about 53% by revenues and customers, 3x faster than 18% growth for Blue Apron, which it has now also overtaken in size. Blue Apron even posted a net loss in active customers in Q2, and had to announce that it will scale back its marketing efforts. Incidentally, HelloFresh is also the second fastest hiring company in European Food Tech in the Dealroom database (after Deliveroo).

On the other hand, HelloFresh has yet to achieve positive gross margins (i.e. margins after cost of goods, fulfillment and marketing expenses). The below analysis shows what the path to profitability might look like:

In other words, if HelloFresh can reduce marketing expenses closer to Blue Apron’s 14% of sales, then positive gross margins and even positive EBITDA margins are well within reach. Today however, HelloFresh is burning about €100 million in cash per year and with €113 million of cash on the balance sheet this means it has about one year run-way left. An IPO is therefore very welcome and should provide the company with enough new capital and time to reach that profitability. The open question is what user growth will look like by then.


Another high-profile food tech player is Deliveroo. Recently its 2016 financials were disclosed, showing zero gross margins and a negative 100% (!) operating margin. It is easy to be cynical (as this funny Twitter exchange between Index Ventures Partner and Deliveroo investor Ben Holmes and skeptic Luke Johnson showed). But perhaps it is far more interesting to try and understand the numbers, to see if there is a path to profitability here:

In the case of Deliveroo there are clear precedents. Of course Deliveroo’s business model is more complicated and operationally risky than Just Eat’s business model. And Deliveroo’s management already disclosed it needs affluent areas with high densities to thrive. There are plenty such places around the world of course. At the same time, rival Uber has lost it’s aura of invincibility (and potentially it’s London license).

Food tech investment has had a major revival in 2017, almost back to 2015 levels. This is partly thanks to large venture capital investments into Delivery Hero (which has been performing above market expectations recently), Deliveroo, Picnic and others. To explore the investment data in more detail, see the below interactive Food Tech VC funding chart:

Interested in a further deep dive into food tech? Check out this Dealroom / Priori Data report from earlier this year. It combines proprietary data from Dealroom and Priori Data with annual reports, investor presentations and equity research about Just Eat, and Rocket Internet, plus SimilarWeb online traffic data:

Food Delivery Tech Deep Dive

If you have any questions regarding this report or to find out how we can help you with data, intelligence or bespoke research, please do not hesitate to contact us. Contact details are provided inside the report.